Key Points
- Bitcoin has once again risen above the $91k mark, potentially indicating the start of a new rally.
- Market indicators suggest Bitcoin may be targeting a $100k value next.
After a period of consolidation, Bitcoin has jumped above the $91k mark again.
Bitcoin’s Bullish Trend
This time, it took a few days for Bitcoin to surpass the $91k mark. This could be the start of a new rally, as Bitcoin’s past trends suggest a possibility of reaching $100k sooner than expected.
Despite experiencing a pullback after reaching an all-time high, Bitcoin managed to trade above $90k, indicating significant market confidence. This confidence was rewarded as Bitcoin’s price increased by nearly 2% in the past 24 hours, pushing it above $91k.
Is Bitcoin aiming for $100k?
The Pi Cycle Top indicator suggests that Bitcoin is trading well above its supposed market bottom of $64.9k. If the indicator is accurate, Bitcoin’s potential market top could be at $120k. Therefore, the possibility of Bitcoin targeting $100k, given a rise in volatility, is plausible.
Data from Glassnode indicates that confidence in Bitcoin has increased in recent weeks. This is evident from the increase in the number of Bitcoin addresses holding more than $1 billion, which could drive a price increase.
Furthermore, Bitcoin’s NVT ratio has dipped following a sharp rise. A decrease in this metric indicates that the asset is undervalued, suggesting a potential price increase soon.
The bullish ascending triangle pattern on Bitcoin’s 12-hour chart suggests that if Bitcoin breaks above this level, a fresh bull run could push the coin to $100k.
The price prediction for Bitcoin for 2024-2025 remains to be seen.